KUALA LUMPUR: Local institutions extended their support for Bursa Malaysia for the 10th consecutive week, with net purchases of domestic equities totalling RM416.9 million, according to MIDF Amanah Investment Bank Bhd (MIDF).
In its Fund Flow Report for the week ended Dec 27, MIDF highlighted that local institutions were net buyers every day last week, marking 27 consecutive trading days of net buying.
In contrast, local retailers turned net sellers of domestic equities, recording net disposals of RM185 million after a brief stint of net buying in the prior week.
The average daily trading volume (ADTV) declined across the board. Foreign investors saw the sharpest drop, with ADTV contracting by 60.2%, while local retailers and institutions recorded declines of 30.6% and 38.9%, respectively.
Foreign investors continued their net selling trend for the 10th straight week, the longest streak this year, with net disposals totalling RM231.9 million. They offloaded equities daily during the shortened trading week, attributed to the Christmas holiday on Wednesday.
The largest foreign net outflow was recorded on Monday at RM118.5 million, followed by Tuesday (RM52.1 million), Friday (RM36.3 million), and Thursday (RM25 million).
“In total, foreign investors have been net sellers for 27 consecutive trading days,“ MIDF noted.
Sectors that saw the highest net foreign inflows were property (RM36.6 million), industrial products and services (RM31.2 million), and financial services (RM29.6 million). On the other hand, the sectors with the largest net foreign outflows were utilities (RM119.5 million), construction (RM88.5 million), and healthcare (RM68.1 million).
Foreign investors also continued to net sell equities in India for the third consecutive week, totalling US$600.4 million.
India, the second-largest sugar producer in the world, may see its sugar production fall below consumption levels for the first time in eight years due to the drought in 2023 and excessive rainfall this year.
Meanwhile, it was noted that the Indian government is considering cutting individual taxes in the upcoming budget in February 2025 to boost consumption in its slowing economy and provide relief to the middle class. – Bernama
